The meeting of the South Bay Community Association (SBCA) Board of Directors was held at the Bay Club on the above date. Directors present were: Joe Kelly, Dan Meade, Tom McCay, Ken Snider, Sharon Walker, and Chris Whitehurst.
Dan Meade called the meeting to order at 9:00 AM. A quorum was present.
•Prior Meeting
Minutes:
MSP to approve the April meeting minutes as amended. (All ayes)
•Financial Report:
Chris Whitehurst reported the financial highlights for April, showing the Total Current Assets for the month to be $398,363.66 and Total Assets to be $612,532.06, with an increase of $18,754.58 over last year’s Total Assets. The Income Statement for April showed Total Revenues of $81,455.44 and Total Operating Expenses of $42,978.01, with a Net Operating Surplus of $69,188.99 for the current fiscal year. The Maintenance Reserve is $179,886.46 and the Renovation Fund is $117,194.66. A $591.73 second payment was made to the auditorium lighting consultant.
MSP to accept the Financial Report for April, 2009. (All ayes)
•Correspondence:
A May 21
letter was sent to Lieutenant Colonel Jeffrey Pickard.
Old
Business
•2009 Proxy:
The
proxy was reviewed and the annual meeting packet will be mailed to members June
10.
MSP to clarify the definition of “guest” to read:
“A guest
is defined as an immediate family member, or an unrelated individual who is
residing overnight in the member’s home.”
Meeting adjourned 10:17AM. Next monthly meeting:
Friday, July 3, 2009
The Bay Club at 9:00AM
Joe Kelly
Secretary, SBCA
Financial Reports April 2009 Income Stmt. Bal. Sheet